Although the tenant-in-common (TIC) market continues to rake in a staggering amount of money, the industry finds itself in the throes of some major changes. Securitized TICs alone are responsible for raising $1 billion in equity per quarter during the third and fourth quarters of 2005 and the first quarter of 2006, according to data from Salt Lake City-based Omni Brokerage Inc.

But the meteoric rise of TICs is beginning to show signs of leveling off. The amount of equity raised slipped to $908 million in the second quarter, and initial projections for the third quarter called for $890 million to flow into TIC investments (see chart).

The TIC industry has experienced incredibly rapid growth — roughly 100% per year since 2002. So, a change to more moderate growth was inevitable, say industry experts. “This is a year where we reached some equilibrium in the market,” says Marc Paul, president and founder of Los Angeles-based SCI Real Estate Investments. Paul estimates that total transaction volume for TIC properties industry wide — both securitized and non-securitized transactions — will rise about 20% in 2006 to between $15 billion and $20 billion.

Demand remains strong, particularly for high-quality properties, Paul adds. SCI recently filled the $29 million equity commitment for ITC Crossing South in Morris County, N.J., in less than 90 days. Built in 2000, the 372,789 sq. ft. center is anchored by strong credit tenants such as Lowe's Home Improvement, Old Navy and Bed Bath & Beyond. The power center, which sold for $65 million, will deliver first-year returns of about 6%.

Buyer's market

Even though the robust transaction volume indicates a healthy market, those numbers don't tell the whole story. The time it takes to fully sell out a TIC investment has doubled and even tripled in the past year. As of Aug. 31, securitized TIC investments needed an average of 87 days to raise the equity capital, according to Omni. That is actually a huge improvement compared to July, when the average shelf life for TIC deals was a whopping 154 days.

Properties are sitting on the shelf longer for a variety of reasons. A jump in the 10-year Treasury yield earlier this spring coupled with incredibly low cap rates has caused investors to become cautious. The lull also is a reflection of more deals coming to the market. As of Aug. 31, there were 48 securitized TIC properties on the market — more than triple the 10 to 15 options that were the norm a year ago, according to Omni.

Another factor contributing to slower deal flow is a narrow distribution channel. “The sponsor community continues to grow at a fairly rapid pace, but the broker distribution channels have not expanded,” says Manuel A. Nogales, director of business development at Omni. Securitized TIC deals are dependent on licensed broker/dealer firms. About 60 broker/dealer firms represent 80% of the securitized TIC transactions.

Buyers are benefiting from the more competitive market with a wide variety of deals to choose from and plenty of time to make decisions. The increased competition also is expected to weed out some of the weaker sponsors and less-than-stellar TIC offerings. Omni is currently tracking 63 active securitized sponsors. Eight sponsors left the TIC marketplace during the second quarter, and five more sponsors have suspended TIC activity for the time being.

The industry-wide shakeout is expected to continue into 2007. “I think you will see a pretty stable product flow and continue to see some more of the marginal people exit the business,” says Clay Womack, CEO of Santa Monica, Calif.-based Direct Capital Securities Inc.

Calling all investors

As TIC properties continue to flood the market, the industry is clearly working to boost demand for its product. One goal is to bring more licensed broker/dealers to the table. Another option is to broaden the target client base.

So far, TICs have been fueled almost entirely by 1031 exchange investors. In 2002, the IRS issued guidance that qualified TICs as “like kind” properties eligible for use in 1031 tax-deferred exchanges. The ability to defer capital gains taxes has proved to be a huge draw. Yet other TIC attributes appear to be striking a chord with non-1031 investors.

One of the big incentives of a TIC structure is that it allows investors to buy a fractional ownership interest in higher-quality properties than what they could afford on their own. Investors also like TICs for the predictable income stream and low management responsibilities.

Initially, about 95% of the capital flowing into deals brokered by Direct Capital Securities came from 1031 exchanges. Now 15% to 20% of that equity is coming from cash investors, and Womack expects that percentage could rise as high as 40%. TICs appeal to older, more established investors who have built their wealth and are in the wealth-preservation stage.

Womack adds, “My prediction over the next two to three years is that if we continue to see quality TIC offerings and a price adjustment to where interest rates are, we will see even more cash investors.”

LISTINGS

1031 & TIC INVESTMENTS LLC

310 - 4th Ave S, Ste 1100
Minneapolis, MN 55415
Phone: 612.253.1031
Fax: 612.253.1145
Contacts: Dan Werry, Padma Chintapalli

1031 & TIC Investments, LLC, provides nationwide property for 1031 and 1033 exchange replacements, as well as for investors seeking to make new Real Estate Investments. Our properties are designed for investors looking to make a lifestyle change by avoiding day-to-day management.

1031 EXCHANGE OPTIONS

1850 Mt Diablo Blvd, 5th Fl
Walnut Creek, CA 94596
Phone: 800.675.2424
Website: www.1031exchangeoptions.com
Contacts: Cary Losson, Founder & President; Mark Johanson, Executive VP - Client Services

1031 Exchange Options is a national real estate investment consultancy that helps clients acquire tenant-in-common (TIC) and triple net leased properties, through a 1031 exchange or direct investment. Headquartered in Walnut Creek, CA, 1031 Exchange Options has completed thousands of individual TIC transactions, representing billions of dollars of institutional-grade real estate. Securities offered through Sigma Financial Corporation, member NASD/SIPC.

ACCREDITED SOLUTION, LLC

5750 Sunrise Blvd Ste 220
Citrus Heights, CA 95610
Phone: 877.4AS.1031
Contact: W. Anthony Arnold, President and COO, Tony@AccreditedSolution.com

Accredited Solution, LLC, founded by William Swayne and Joseph Spagnoli, is a full service, personal financial planning firm. We specialize in bringing clarity to the otherwise complex world of 1031 Tenant in Common Real Estate transactions. Our Clients are individual investors and the clients of other Registered Representatives who desire Accredited Solution to facilitate TIC transactions with their clients. We are a client-centric organization dedicated to fulfilling the financial goals of each and every constituent. More information: call 1-877-427-1031 or attend one or our information sessions.

Securities offered through Pacific West Securities, Inc. Member NASD, SIPC. Investment advice offered through Pacific West Financial Consultants, a registered investment advisor.

ALTA INVESTMENT GROUP

9011 Soquel Dr, Ste. 100
Aptos, CA 95003
Phone: 831.688.7700
Fax: 831.688.1779
Website: www.altainvestments.com
Contact: Toni Sutherland

Alta Investment Group was founded with the goal of assisting our clients in every aspect of their financial lives. We've provided the most comprehensive and personal service available, thus earning a reputation for excellence in our industry. For each of our clients we strive to help create financial stability and security to provide financial independence.

Securities offered through Pacific West Securities, Inc. Member NASD/SIPC

ARGUS REALTY

205 Avenida Fabricante
San Clemente, CA 92672
Phone: 877.366.1031
Fax: 949.481.6748
Website: www.argusrealty.com
Email: tsnodgrass@argusrealty.com twilliams@argusrealty.com
Contacts: Tim Snodgrass, President; Todd Williams, Director of TIC Offerings

Since 2001, Argus Realty Investors, LP has acquired over $900 million of commercial real estate and has more than 8 million of commercial real estate and has more than 8 million SF under management. ARI offers investors the opportunity to participate in the ownership of institutional-grade commercial real estate, without the burden of individual property management through its Tenant-In-Common and private exchange programs and real estate investment funds. Our preferred property type is institutional-grade office and industrial properties in urban and suburban markets throughout the United States.

BAKER AND ASSOCIATES, LLC

P.O. Box 18837
Spokane, WA 99228.
Phone: 509.467.1011
Email: dave@baker-associates.com
Contact: David L. Baker

David L. Baker, CLU, CFP is a Real Estate Broker with 35+ years experience in the financial services industry. For a copy of “The 1031 TIC Exchange Strategy” on CD-ROM send $9.95 to Baker & Associates, LLC. Securities offered through Pacific West Securities, Inc member NASD/SIPC. One Renton Place, 555 S. Renton Village #700, Renton, WA 98055, 425.271.3550.

BAKER & MACKENZIE

One prudential Plaza, 130 E Randolph Sr
Chicago, IL 60601
Phone: 312.861.7590
Fax: 312.861.2899
Website: www.bakernet.com
Email: richard.m.lipton@bakernet.com
Contact: Richard M. Lipton

Baker & McKenzie is the world's leading global law firm with a strong leadership in the TIC industry. We are a leader in providing legal services to TIC sponsors, including particularly tax, corporate and securities advice, and the preparation of offering materials for TIC private placements. Visit us at www.bakernet.com or call 312-861-7590 to learn more.

BEACON REALTY CAPITAL, INC.

549 W. Randolph Street, Suite 700
Chicago, IL 60661
Phone: 312.207.0060
Fax: 312.207.1827
Website: www.beaconrealtycapital.com
Contact: Jim Ablan, Principal, 312.207.8233, jablan@beaconrealtycapital.com; Bill Johnson, Principal, 312.207.8234 bjohnson@beaconrealtycapital.com

Beacon Realty Capital, Inc., a Chicago-based commercial real estate financial services company, is among the nation's leading mortgage banking firms. Through our team's aggressive, thorough and creative approaches, we arrange debt and equity financing with various capital sources. Since 2002, we have arranged over 40 financings totaling in excess of $400,000,000.

CAPHARBOR, LLC.

8447 Wilshire Boulevard, Suite 100
Beverly Hills, CA 90211
Phone: 877.886.1031
Fax: 323.653.6233
Website: www.capharbor.com
Email: jshaw@capharbor.com, kjansen@capharbor.com
Contact: Jim Shaw, President & CEO; Katie Jansen, Vice President, Client Development

CapHarbor is a brokerage company serving the needs of 1031 investors who are seeking passively managed replacement properties (Single-Tenant, NNN-Leased properties by the whole and tenant in Common (TIC) interests on a fractional basis for accredited invstors. Visit us at www.capharbor.com or call 877-886-1031 to learn more about our services

CAPWEST SECURITIES, INC.

860 Osos St.
San Luis Obispo, CA 93401
Phone: 805.543.1031
Fax: 805.543.1038
Website: www.capwestsec.com
Email: jcederberg@capwestsec.com
Contact: Jeffrey S. Cederberg, Limited Registered Representative

CapWest Securities, Inc., established in 1992, is an independent, full-service brokerage firm with 72 licensed representatives and 11 branch offices nationwide. CapWest offers one of the finest selections of Tenant-In-Common replacement property inventories in the nation for your 1031 Exchange. Call us today to discuss your next investment opportunity.

COSTA FINANCIAL SECURITIES

1930 Harrison St., Suite 603
Hollywood, FL 33020
Phone: 866.405.1031
Website: www.1031alternatives.net
Contact: Grant Conness

Costa Financial Securities is a leading financial services firm, specializing in innovative tax- deferral strategies and 1031 Exchange replacement property solutions. Costa. Financial works in conjunction with owners of highly appreciated assets and their trusted advisors to develop a plan that will allow them to relinquish tax burdened assets more efficiently. To learn more please visit www.1031alternatives.net

COVINGTON REALTY PARTNERS

30 South Wacker Drive, Suite 2750
Chicago, IL 60606
Phone: 312.879.7560
Fax 312.669.1300
Website: www.covingtonrealtypartners.com
Email: mgoldstein@covingtonrealtypartners.com
Contact: Marc Goldstein, President

Headquartered in Chicago, Covington Reality Partners acquires Class A retail and multifamily properties in primary and secondary markets nationwide. In the last 12 months, Covington has increased its portfolio by more than $178 million. With its current pipeline, that number is expected to reach $250 million by year end. For more information, please visit www.covingtonrealtypartners.com.

DBSI SECURITIES CORPORATION

1550 South Tech Lane
Meridian, ID 83642
Phone: 800.678.9110
Website: www.dbsi.com
Contact: John Mayeron, Executive Vice President of Marketing and Product Development

DBSI Securities Corporation markets private offerings in real estate to independent broker-dealers and their registered reps, including 1031 exchanges/Tenant-in-Common (TIC) offerings, limited partnerships, debt offerings, and REITs. DBSI Securities is part of the DBSI Group of Companies (DBSI), which has served over 7,000 investors in 27 years. DBSI currently manages assets in 28 states valued at more than $1.6 billion.

DIRECT CAPITAL SECURITIES, INC.

1333 2nd Street, Suite 600
Santa Monica, CA 90401
Phone: 888.410.1031 toll-free
Fax: 310.395.4077
Website: www.1031Market.com www.1031EnergyMarket.com
Email: cwomack@1031market.com
Conatct: Clay H. Womack, Chairman & CEO

As the original investment-banking firm in the TIC industry, Direct Capital Securities, Inc. helps Sponsors bring Real Estate and Energy Replacement Properties to market. We offer more than an industry introduction. We're an active, hands-on partner — from the initial structuring of a deal to the investors' exit, years down the road.

ELIASON 1031 PROPERTIES CORPORATION

P.O. Box 219
548 Highway 155
St. Germain, WI 54558
Phone: 1.866.ELIASON
Website: www.e1031.com
Contact: David Eliason, President; Jay Grooters, Chief Operating Officer

For over 40 years Eliason has offered high-quality real estate investment opportunities. Eliason 1031 Properties carries on that tradition with attractive retail and multi-family residential properties via Tenant-In-Common ownership. Eliason's innovative double-layered Master Lease provides enhanced protection and improved cash flow stability. Eliason TIC interests are marketed exclusively through a broker-dealer network.

EXCHANGE INTO ENERGY

Direct Capital Securities, Inc.
1333 2nd Street, Suite 600
Santa Monica, CA 90401
Phone: 888.271.2500 toll-free
Website: www.1031EnergyMarket.com
Email: cwomack@1031market.com
Conatct: Clay H. Womack, Chairman & CEO

Diversifying into energy can provide valuable rewards. Energy replacement properties can produce stable monthly cash flow, have the potential for higher rates of return than traditional TIC investments, are historically highly liquid and offer hands-off ownership. For more information on energy replacement property — including royalties and working interests — contact us today.

EXCHANGEPOINT PROPERTIES, LLC

450 North Roxbury Dr., Suite #1050
Beverly Hills, CA 90210
Phone: 310.247.2291
Website: www.exchangepointproprties.com
Contact: Evan Farahnik, Principal

ExchangePoint Properties, LLC is a leading real estate investment firm that offers fractional real estate ownership interests to individual 1031 exchange investors, through a team of seasoned and experienced real estate professionals. With our industry leading infrastructure, systems and proprietary underwriting models, ExchangePoint and its affiliated entities have a phenomenal track record which extends for over 12 years, and has attracted Fortune 500 companies as investors and partners. From our home office in Southern California, ExchangePoint and its affiliated entities have completed transactions in excess of one billion dollars and manage a portfolio of over 5 Million square feet of office, multi-family and retail properties on behalf of institutional and private investors.

FORT PROPERTIES, INC.

601 S. Figueroa Street, Suite 2050
Los Angeles, CA 90017
Phone: 213.572.0222
Website: www.fortproperties.com
Email: info@fortproperties.com

FORT Properties is consistent and predictable. Whether you're selling or investing in institutional quality real estate, FORT Properties is the Section 1031 exchange and TIC expert. Our extensive real estate experience ensures that we purchase the highest quality property and, as a pre-capitalized sponsor, we close on time. To learn more visit www.fortproperties.com.

GEMINI REAL ESTATE ADVISORS, LLC

The Flatiron Building,
175 Fifth Avenue, Suite 715,
New York, NY 10010
Phone: 800.644.7845
Website: www.gemini-re.com
Email: wobeid@gemini-re.com, sdifrisco@gemini-re.com
Contact: Will Obeid, President, 212.871.6283; Stephanie DiFrisco, Director of National Accounts, 800-644.7845 ext. 121

Gemini Real Estate Advisors, LLC is a full service real estate company. Our principals come from distinguished backgrounds in acquisitions, development, property management, asset management, finance and brokerage. As one of the nation's leading sponsors of real estate investment programs, we have a proven track record of creating value for our investors.

THE GENEVA ORGANIZATION

3750 Wells Fargo Center
90 South Seventh Street
Minneapolis, MN 55402
Phone: 888.746.4039
Website: www.genevawealth.com

The Geneva Organization is a national real estate wealth management firm, focused on providing tenant-in-common investment opportunities to sophisticated, high-net worth individuals and 1031 motivated investors. To learn more about Geneva's services and their unique Private Letter Ruling visit www.genevawealth.com.

GEORGE SMITH PARTNERS

10250 Constellation Blvd., Suite 2700
Los Angeles, CA 90067
Phone: 310.557.8336
Fax: 310.557.1276
Website: www.gspartners.com
Contact: Steve Bram, Principal/Senior Director; David Pascale, Jr., Vice President

GSP is a Los Angeles based mortgage brokerage company specializing in unique and creative financing structures. GSP arranged 275 loans totaling $3.6 billion in 2005, including dozens of TIC financings. We get you the lowest rate, the most money and the best terms available - and close the loans for you.

GRIFFIN CAPITAL

2121 Rosecrans Avenue, Suite 3321
El Segundo, CA 90245
Phone: 310.606.5900
Fax: 310.606.5910
Website: www.griffincapital.com
Email: info@griffincapital.com
Contact: David C. Rupert, Chief Operating Officer, 203.550.1469; Michael J. Escalante, Chief Investment Officer

Griffin Capital is one of the nation's leading sponsors of tenant-in-common real estate investment opportunities. Led by senior executives with more than two decades of real estate experience collectively encompassing over $9.0 billion of transaction value and more than 350 transactions, Griffin Capital has acquired or constructed approximately eight million square feet of space since 1996. The firm's current portfolio includes 32 assets, approximating 7 million square feet of space, located in 12 states. Additional information is available at www.griffincapital.com.

INVESTMENT PROPERTIES OF AMERICAS

10800 Midlothian Tpke, Ste 309
Richmond, VA 23235
Phone: 804.594.3550 or 877-MY-IPofA
Fax: 804.594.3556
Website: www.ipofa.com
Contacts: Kim S. Watts; B. Fisher Paty

Investment Properties of America, LLC is an exciting and diversified real estate investment and management company. IPofA acquires, develops, and manages properties leasing primarily to major national and regional retailers under net leases. IPofA offers qualified investors, ownership in institutional properties through tenant in common and LLC ownership structures.

INVESTMENT PROPERTY EXCHANGE SERVICES, INC. — IPX1031

Phone: 888.771.1031 toll free
Website: www.ipx1031.com
Email: rbutler@fnf.com, john.king@fnf.com
Contact: Radah Butler, President; John King, Senior Vice President

IPX1031, the nation's leading Qualified Intermediary for §1031 exchanges, specializes in every type of exchange transaction and provides quality services through its nationwide network of over 44 regional offices, a third party guarantee of funds, $100 million bond, and its specialized exchange divisions for reverse and improvement exchanges and mass asset program exchanges. Contact us at 888-771-1031 or visit us at www.ipx1031.com to find the nearest IPX1031 location.

LANDAMERICA FINANCIAL GROUP

101 Gateway Centre Pkwy
Richmond, VA 23235
Phone: 866.442.3011
Fax: 804.267.8851
Website: www.landam.com/commercial
Contact: Michelle A. Shaw, VP - Maketing Director

We have the national coverage, knowledge, and cumulative experience to give fast, accurate, and complete results. Our experts are familiar with every facet of TIC transactions as well as Delaware Statutory Trusts (DST) and the 1031 Exchange. We work closely with our customers to analyze closing scenarios in order to maximize opportunities and minimize expenses. To learn more about LandAmerica's TIC services visit www.landam.com/commercial.

LEGACY REAL ESTATE & INVESTMENTS, INC.

5550 Bates Street
Seminole, FL 33772
Phone: 866.891.1031 toll free
Fax: 347.296.3660
Website: www.ticbook.com, www.tic-investments.org, www.LegacyNNN.com
Email: Legacykathy@aol.com
Contact: Kathy Heshelow, President

Kathy Heshelow has authored the first and only book about TICs, “Effortless Cash Flow: the ABC's of TICs (Tenant in Common Properties).” She focuses on passive income properties for investors across the US, who are often in a 1031 exchange. She is President of a commercial real estate firm and has experience in all types of commercial property assets. www.tic-investments.org or www.ticbook.com. Toll free 866-891-1031 to learn more.

MARINER ASSET MANAGEMENT, LLC

1601 Belvedere Rd., Suite 200E
West Palm Beach, FL 33406
Phone: 866.860.1031 toll free; 561.283.0900
Fax: 561.828.5985
Contact: Michael M. Cabot

Mariner Asset Management, LLC is a privately owned real estate investment and management firm headquartered in South Florida. The company specializes in the acquisition, financing and ownership of institutional quality commercial real estate in select metropolitan areas of the United States. The principals of Mariner are seasoned real estate professionals with more than $1 billion of institutional transaction experience inclusive of $260 million with the TIC structure.

MERIDIAN REALTY INVESTMENTS, LLC

325 Fifth Ave, Ste 202
Indialantic, FL 32903
Phone: 321.956.2000 x204
Fax: 321.956.1199
Website: www.meridian1031.com
Email: mborn@meridian1031.com
Contact: Margustin “Tintin” Born

  • Sponsor of Tenants in Common Investment Opportunities
  • Over $11 billion of equity raised for tax-advantaged transactions since 1981.
  • For more information on MRI, please contact Dawn Myers at dmyers@meridian1031.com.
  • We invite you to visit us at www.meridian1031.com or call us toll free at (866) MRI-1031.

PACIFIC WEST FINANCIAL GROUP

PO Box 860
Renton, WA 98057
Phone: 888.236.7979
Fax: 425.255.8567
Contacts: Tony Pizelo, President & CEO; Shanon Ford, Vice President

Established in 1972, Pacific West Securities, Inc. is an independent, nationwide broker-dealer offering a full range of investment products and services. We are dedicated to supporting tenant in common investments through strong due diligence, active industry involvement and a commitment to leading with integrity. For more information on how Pacific West can support you in the TIC arena please call Tony Pizelo at 1-888-236-7979.

Disclosures: PACIFIC WEST SECURITIES, INC., MEMBER NASD/SIPC; PACIFIC WEST FINANCIAL GROUP, INC.,
Registered Investment Advisor

PASSCO COMPANIES, LLC

96 Corporate Park, Suite 200
Irvine, CA 92606
Phone: 949.442.1000
Fax: 949.442.2465
Website: www.passco.net
Contact: William H. Winn, President

PASSCO Companies, LLC acquires and manages a broad range of income-producing properties including neighborhood and community retail centers, regional malls, multi-family, and multi-tenant industrial business parks. The company's property portfolio has grown to more than 8,400,000 square feet, and continues to grow at an accelerating rate.

SAGEBRUSH REALTY HOLDINGS

777 E Speer Blvd
Denver, CO 80203
Phone: 303.865.7488
Website: www.sage1031.com
Contact: Gary Ruhl

As a sponsor of multifamily TIC offerings, Sagebrush Realty Holdings LLC is part of The Sagebrush Companies, a full service commercial real estate investment company. Specializing in domestic and international multi-family residential, hospitality, and commercial development, Sagebrush has been offering investors appreciable market value & strong returns for 12 years.

SCI REAL ESTATE INVESTMENTS

11620 Wilshire Blvd., Suite 300
Los Angeles, CA 90025
Phone: 310.470.2600
Website: www.sciproperties.com
Contacts: Adam Bryan, Senior Vice President & Corporate Sales Director
310.470.2600 ×130; Scott Derrick, Acquisitions 310.470.2600 ×128

Founded in 1994, SCI Real Estate Investments, LLC is a Real Estate Principal with a portfolio valued at over $1 billion of closed fractional-deed real estate. SCI buys Class-A, Institutional-Quality properties nationwide and, working exclusively with Licensed Real Estate Professionals, sells co-ownership real estate interests to accredited buyers.

SPECTRUS REAL ESTATE GROUP/FOR 1031

12426 West Explorer Drive, Suite 220
Boise, ID 83713
Phone: 866.587.7328
Website: www.spectrusgroup.com
Contact: Gary Bringhurst, President and CEO

Based in Boise, ID, Spectrus Real Estate Group/FOR 1031 is a leading provider of quality, diversified real estate investments. The company offers multiple options including replacement properties for 1031 Exchanges, the FOR 1031 NNN PLUS® lease, TIC property ownership, undeveloped land, whole properties, Pro PLUS(tm) (proforma) properties, and ground leases.

WESTERN AMERICA EQUITIES LLC

11235 SE 6th St, Ste 230
Bellevue, WA 98004
Phone: 425.274.8557
Fax: 425.274.8559
Website: www.westernamerica.com
Email: tristan@westernamerica.com jim@westernamerica.com
Contact: Tristan O'Neil VP, Investment Services; Jim Clark, President

Western America Equities LLC is a privately-owned real estate investment and operating company. Headquartered in Bellevue, Washington, the company operates healthcare properties, shopping centers, office buildings, industrial business parks and other property types in the western United States. Western America Equities LLC is a founding member of the Tenant-In-Common Association.

DIRECTORY

COMPANY STATE TYPE
1031 & TIC Investments MN Registered Rep
1031 Advance, Inc. CA Qualified Intermediary
1031 Adviser, Inc. UT Registered Rep
1031 Advisors USA CA Registered Rep
1031 Exchange Alternatives MI Registered Rep
1031 Exchange Options CA Registered Rep
1031 Exchange Strategies, Inc. CA Registered Rep
1031 Focus CA Real Estate Broker
1031 Group CA Registered Rep
1031 Investment Solutions, LLC MA Registered Rep
1031 Investment Strategies, Inc. PA Real Estate Broker
1031 Property Group SC Registered Rep
1031 Property Watch UT Registered Rep
1031 Real Estate Investing CA Registered Rep
1031 Strategies NJ Registered Rep
1031 TaxSavings.com OR Registered Rep
1031 Wealth Group NJ Registered Rep
A. J. Papale FL Registered Rep
Acquisition Search Services, Inc. FL Real Estate Broker
Advisory Group Equity Services, Ltd. MA Registered Rep
AFA Financial Group, LLC CA Broker Dealer
Affinity Real Solutions — Omni Brokerage CA Registered Rep
Akerman, Senterfitt FL Law Firm
Alan W. Legatz, CPA FL Real Estate Broker
Alexander Partners CA Registered Rep
Alliance Commercial Properties NC Real Estate Broker
Alpha Omega Group, Inc. VA Registered Rep
Alschuler Grossman Stein & Kahan, LLP CA Law Firm
Alta Investment Group CA Registered Rep
American Capital Group WA Sponsor
American Express Financial Advisors VA Broker Dealer
American Realty Capital Markets, LLC VA Broker Dealer
AMPC IL Registered Rep
Anders 1031 TIC Real Estate CA Registered Rep
Anderson Financial Services OR Registered Rep
Andover Buyers Broker, Inc. MA Real Estate Broker
Andrew Stuart Asset Management Group, Inc FL Registered Rep
AndruEds Group, Inc. FL Real Estate Broker
APB WealthCare Advisors, LLP GA Registered Rep
Arent Fox, PLLC DC Law Firm
Argus Realty Investors, LP CA Sponsor/Wholesaler
Arnold & Porter, LLP DC Law Firm
Ashforth Paradigm Capital Advisors MA Sponsor/Wholesaler
Aspire Financial CA Registered Rep
B&H Real Estate Holding, LLC CA Sponsor
Baker & Associates WA Registered Rep
Baker & Hostetler LLP OH Law Firm
Baker & McKenzie LLP IL Law Firm
Bank of America NC Lender/R. E. Services
Barkume & Associates Wealth Management UT Registered Rep
Barry J. Bass Real Estate, LLC IL Real Estate Broker
Bax Investment Group NV Registered Rep
Bayview Financial Exchange Services FL Qualified Intermediary
Beacon Realty Capital, Inc. IL Mortgage Broker
Bear, Stearns & Co., Inc. NY Real Estate Services
Behringer Harvard TX Sponsor/Wholesaler
Beltz Real Estate MN Real Estate Broker/RRep
Berthel Fisher & CO. IA Broker Dealer
Blue Oak Wealth Management SC Registered Rep
Bonaventure Realty Group, LLC VA Sponsor
Breen Financial Management, Inc. FL Registered Rep
Brian J. Dundon & Associates VA Registered Rep
Brookstreet Securities Corporation CA Broker Dealer
Brown Realty Advisors GA Real Estate Broker
Brown Rudnick Berlack Israels, LLP RI Law Firm
Buttonwood Investment Services UT Registered Rep
Cabot Investments Properties MA Sponsor/Wholesaler
Cairncross & Hempelmann WA Attorney
Calton & Associates FL Registered Rep
Cap Harbor CA Registered Rep
Capital Assets Planners, LLC CA Registered Rep
Capital Concepts Group NV Registered Rep
Capital Financial Services CA Registered Rep
Capital Growth Inc./IFG CA Registered Rep
Capstone Financial Group, Inc. MN Broker Dealer
CapWest Securities, Inc. CO Broker Dealer
Carey Realty Investments OH Sponsor
Carlsberg Management Company CA Real Estate Broker
Carlton Advisory Services, Inc. NY Mortgage Broker
Casey Partners, Ltd. CO Real Estate Broker
Cassin Cassin & Joseph LLP NY Law Firm
CBRE Melody & Company TX Mortgage Broker
Centaurus Financial, Inc. CA Registered Rep
Cherry Creek Partners, LLC CO Registered Rep
Chicago Title IL Qualified Intermediary
Chris Goslin & Associates FL Registered Rep
Clearview Wealth Management WA Registered Rep
Codding Commercial CA Registered Rep
Cohen Financial CA Real Estate Broker
Cole Capital AZ Sponsor
Collage CA Real Estate Services
Colliers Turley Martin Tucker OH Real Estate Broker
Column Financial, Inc. GA Lender
Commercial Realty Consultants CA Mortgage Broker
Compass Investments & 1031 Exchange MA Registered Rep
Concorde Exchange Group MI Registered Rep
Congdon-Jeffers Group CA Registered Rep
Connolly Bove Lodge & Huz LLP DE Law Firm
CORE Realty Holdings, LLC CA Sponsor/Wholesaler
Cornerstone Exchange Services CA Registered Rep
Costa Financial Securities FL Broker Dealer
Cottonwood Capital, LLC UT Sponsor
Courtland Securities Corp. CA Broker Dealer
Covington Realty IL Sponsor
Crawford Financial VA Registered Rep
Creekstone Partners, LLC TX Sponsor
CSC Trust Company of Delaware DE Financial Services
Daniel Mennemeyer Agency, Inc. IL Registered Rep
David K. Bedke CA Registered Rep
David Rachford, CPA-PFS CA Registered Rep
Davis Financial Advisors CA Registered Rep
DBSI Group of Companies ID Sponsor/Wholesaler
Deloitte CA Consultants
Denis Wong & Assoc. HI Registered Rep
DeSanto Realty Group PA Sponsor
Direct Capital Securities, Inc. CA Broker Dealer
Diversified Builder Services CA Lender
Diversified Wealth Builders CA Registered Rep
Dividend Capital CO Sponsor/Wholesaler
Doug Michie CA Real Estate Broker
Down to Earth Real Estate CA Real Estate Broker
East Coast Realty Ventures, LLC MD Sponsor
Eliason 1031 Properties Corp. WI Sponsor/Wholesaler
Ellen Erenstein & Assoc. FL Registered Rep
Emerson Equity CA Broker Dealer
Empire Securities CA Broker Dealer
Envisioning Financial, Inc. IN Registered Rep
Envoy Capital Partners CA Registered Rep
EPlanning Securities, Inc. CA Broker Dealer
Equitable Companies, LLC CA Sponsor
Equity Advisors, LLC CA Registered Rep
Equity Services, Inc. CA Registered Rep
Evergreen Realty Group, LLC CA Sponsor
ExchangePoint Properties, LLC CA Sponsor
Exclusive 1031 Options CA Registered Rep
Faris Lee Investments CA Real Estate Broker
Fidelity National Title Insurance Co CO Title Insurance
Filippini Financial Group, Inc. CA Registered Rep
Financial Designs, Ltd. CA Registered Rep
Financial Exchange Corp.-1031FEC IA Real Estate Broker
Financial Group of Central Minnesota MN Registered Rep
Financial Services Network CA Registered Rep
Financial West Group CA Broker Dealer
First Allied Securities CA Registered Rep
First American Exchange UT Qualified Intermediary
First Bank of Beverly Hills CA Lender
First Colony Capital NC Real Estate Broker
First Financial Equity Corp. AZ Broker Dealer
First Guardian Group, LLC CA Sponsor
FirstWest Group, Inc. OR Real Estate Broker
FLA1031, LLC FL Registered Rep
Focus Realty Advisors Inc. TX Real Estate Broker
Foley & Lardner LLP MA Law Firm
FOR 1031/Spectrus Real Estate Group ID Sponsor/Wholesaler
FORT Properties, Inc. CA Sponsor/Wholesaler
Fortress Wealth Management NJ Registered Rep
Franklin 1031 Investments, L.L.C IL Sponsor
Freedman Consulting PA Registered Rep
Gary M. Bowman CFP CA Registered Rep
Gemini Real Estate Advisors, LLC NY Sponsor/Wholesaler
Global Planning, Inc. CO Registered Rep
Goldberg, Kohn, Bell, Black, Rosenbloom & Moritz, Ltd. IL Law Firm
Golf World Enterprises, LLC GA Real Estate Broker
Grand Peaks 1031 Properties CO Sponsor
Granite Investment Group, Inc. CA Sponsor
Great Lakes Trust Co. IL Registered Rep
Greenberg Traurig, LLP AZ Attorney
Griffin Capital Corp. CA Sponsor/Wholesaler
Grubb & Ellis MI Real Estate Broker
GunnAllen Financial FL Broker Dealer
H&R Block Financial Advisors MI Broker/Dealer
Hankinson Financial Advisors, Inc. FL Registered Rep
Harbor Capital Group TX Mortgage Broker
Harbor Financial MT Registered Rep
Heartland Investment IL Registered Rep
Herick Asset Management CO Registered Rep
Hilton Financial Services WA Registered Rep
Hirschler Fleischer VA Law Firm
Hoctor Kaplan, LLC — Attorneys at Law VA Law Firm
Hodges Ward Elliot GA Real Estate Broker
Hoyt Properties, Inc. MN Real Estate Broker
Huff Metro Office OH Real Estate Broker
Independent Financial Group LLC CA Broker Dealer
Inland Real Estate Exchange Corp. IL Sponsor/Wholesaler
Integrated Total Solutions, Inc. FL Real Estate Broker
Internacional Realty Advisor TX Sponsor/Wholesaler
Invest Financial Corp. FL Registered Rep
Investment Capital Group, LLC CO Registered Rep
Investment Properties of America VA Sponsor/Wholesaler
Investment Property Advisors IL Registered Rep
Investment Property Exchange Services Inc CA Qualified Intermediary
Investment Services IN Registered Rep
Investor Solutions, Inc. WA Registered Rep
IPX 1031 CA Qualified Intermediary
Investors Capital CA Registered Rep
J.K. Financial Services, Inc. CA Registered Rep
Jack F. Ward Co. CA Real Estate Broker
Jason K. Adams GA Registered Rep
Jenner & Block LLP IL Law Firm
John Crockett and Associates WA Registered Rep
JP Group Financial IL Registered Rep
JP Morgan Mortgage Capital TX Lender
JRW Investments CA Registered Rep
Kathy Heshelow FL Registered Rep
KBS Capital Markets Group CA Sponsor
KCM Capital Management, Inc. CA Registered Rep
Kelly Accounting & 1031 Exchange Svcs. MT Registered Rep
Kendrick Financial Services GA Registered Rep
KMS Financial Services OR Registered Rep
Kodiak Capital Partners L.L.C. TX Sponsor/Wholesaler
Krieger-Campbell, Inc. CA Broker Dealer
Kutak Rock LLP NE Law Firm
L.K. Allen, Inc. NJ Real Estate Broker
Lambert Investment Co., LLC VA Registered Rep
Lamont Financial Services CA Registered Rep
LandAmerica Commercial Services VA Qualified Intermediary/Due Dil.
Lantrust Securities, Inc. OH Registered Rep
Larry H. Nebel CA Registered Rep
LaSalle Bank NA IL Lender
Latitude, Inc. CA Real Estate Broker
Lehigh Financial Services NV Registered Rep
Leonard, Street and Deinard MN Law Firm
Les V. Anderton Financial Services UT Registered Rep
Levenfeld Pearlstein, LLC IL Law Firm
Liberty Group LLC CA Broker Dealer
Lighthouse Capital Corp. CA Broker Dealer
Lincoln Capital Group, LLC TX Real Estate Services
Lincoln Financial Advisors UT Registered Rep
Loan Star Financial Services, LLC MN Registered Rep
Loanstar Commercial TX Real Estate Broker
LPL Financial Service CA Broker Dealer
Luce, Forward, Hamilton & Scripps LLP CA Law Firm
Ludwig Financial Group MN Registered Rep
M.A. Hill, Brokers DC Registered Rep
Madison Capital Management CA Lender
Magellan Investments CA Real Estate Broker
Mammoth Equities Capital Group, Inc. CA Sponsor/Wholesaler
Mannon Oil, LLC IN Sponsor
MAP-Miguel A. Palma CA Registered Rep
Marcus & Millichap CO Real Estate Broker
Mariner Asset Management FL Sponsor
Mastrogiovanni, Schorsch & Mersky, P.C. TX Law Firm
MCL Financial Group, Inc. CO Broker Dealer
Melissa J. Fox, Esq. CA Real Estate Broker
Mellon 1st Business Bank CA Lender
Meridian Capital Partners MA Sponsor/Wholesaler
Meridian Realty Advisors, LLC TX Sponsor
Meridian Realty Investments, LLC FL Sponsor
Messerli & Kramer P. A. MN Law Firm
Metropolitan Healthcare Properties, LLC AZ Sponsor
Metzger & Sons NY Real Estate Broker
Michael Hsu & Assoc., Broker CA Real Estate Broker
Michael L. Green WI Real Estate Broker
Michael Millen CA Registered Rep
Mick & Associates, P.C. LLO NE Law Firm
Midpoint Financial Services CA Registered Rep
Miterko CA Due Diligence
Moneymallusa Corp. CA Registered Rep
Moody National Companies TX Sponsor/Wholesaler
Moore Financial Services, Inc. CA Registered Rep
Morris, Manning & Martin LLP GA Registered Rep
Mr. Channelside Real Estate Services FL Real Estate Broker
Mueller Investments, Inc. ID Real Estate Broker
Nagle Danley Real Estate Advisors, Inc. CA Real Estate Broker
Namco Financial Exchange, Inc. CA Qualified Intermediary
Nashbar Wealth Services, LLC FL Registered Rep
National Exchange Advisors, LLC CA Sponsor
National Planning Holdings CO Broker Dealer
Navigar Advisors, Inc. FL Registered Rep
Net Equity Associates CA Registered Rep
Net Lease Capital Advisors NH Real Estate Services
Newcomb and Company MA Real Estate Broker
Noble Asset Management Co. ID Registered Rep
Noble Royalties, Inc. TX Sponsor/Wholesaler
Nomax Capital CA Real Estate Broker
North Star Investment Services, Inc. IL Registered Rep
Northern Lake Properties OH Real Estate Broker
Notman 1031 Exchange Group CA Registered Rep
NPV/Direct Invest MA Sponsor/Wholesaler
NXT Realty Group Ltd. IL Real Estate Broker
Old Dominion Financial Advisors Ltd. VA Registered Rep
OMNI Brokerage UT Registered Rep
ORIX Real Estate Capital IL Sponsor/Wholesaler
Pacific West Financial Group ID Registered Rep
Pacific West Securities WA Broker Dealer
Parthenon Realty 1031 Investors, LLC GA Sponsor/Wholesaler
PASSCO Companies, LLC CA Sponsor/Wholesaler
Pence Wealth Management CA Registered Rep
Pepper Hamilton LLP MI Law Firm
Peracon, Inc. VA Real Estate Services
Plotkin Financial Advisors Alliance, Inc. MD Registered Rep
Portfolio Advisors Alliance, Inc. CA Registered Rep
Portola Financial CA Registered Rep
Powell Goldstein LLP GA Law Firm
Preferred Financial Strategies, Inc. CA Registered Rep
Presidio Exchange Advisors CA Registered Rep
Principal Equity Management TX Sponsor/Wholesaler
Private Equity Group CA Registered Rep
ProEquities Inc. AL Broker Dealer
Professional Investment Advisors Inc. NY Registered Rep
PropPoint CA Registered Rep
Q10 Kinghorn, Driver, Hough & Co. TX Lender
Questar Capital Corp. CA Broker Dealer
Rainier Capital Management, LP TX Sponsor/Wholesaler
Real Estate Partners, Inc. CA Sponsor
Real Source Brokerage Services UT Real Estate Broker
Rear View Mirror Holdings, Inc. CA Real Estate Broker
Reef Oil & Gas Partners TX Sponsor/Wholesaler
Regent Capital Group CA Broker Dealer
Regent Land & Investments, LLC FL Real Estate Broker
Resource Real Estate, Inc. PA Sponsor
Richard E. Woollen NC Registered Rep
Rick Ahmann MT Registered Rep
RK Properties CA Sponsor
RLT Financial Management FL Registered Rep
RMI Investment Services L.L.C. NV Registered Rep
Robert A. Stanger & Co., Inc. NJ Broker Dealer
Robert Faust Mortgage Company TX Real Estate Broker
Robert L. Katzman, Esq. NY Real Estate Broker
Roberts Firm CA Law Firm
Roebling Investment Company NJ Real Estate Broker
Ron D Birnbaum, The Financial Consultants MA Registered Rep
Royal American Financial Advisors CA Registered Rep
Royal Securities Co. MI Registered Rep
RVM Associates CA Real Estate Broker
Sabre Syndication Services CA Sponsor/Wholesaler
Sagebrush Realty Holdings LLC CO Sponsor
Samp Financial, Inc. SD Registered Rep
Scheer Partners Investments MD Real Estate Broker
Schindler Financial Group CA Registered Rep
SCI Real Estate Investments, LLC CA Sponsor/Wholesaler
Scott Rohrman TX Real Estate Broker
Senior Capital, LLC FL Sponsor
Senior Financial Services FL Registered Rep
Sequoia Real Estate Holdings, L.P. CO Sponsor/Wholesaler
Sigma Financial MI Broker Dealer
Silver Oak MN Real Estate Broker
Snyder Kearney LLC MD Law Firm
Sonnenschein Nath & Rosenthal LLP IL Law Firm
Sonny Todd Real Estate MT Registered Rep
SourceNet Financial MA Real Estate Broker
Spagnoli Financial Group CA Registered Rep
Spartan Realty Inc. CA Real Estate Broker
Sperry Van Ness AZ Broker
SRS Investments, LLC FL Sponsor
Standard & Poor's NY Real Estate Services
Stark Investments IL Real Estate Broker
Steelhead Capital, Inc. CA Real Estate Broker
Sterilex, Inc. CA Real Estate Broker
Sterling Wealth Management, Inc. WA Registered Rep
Steven Hutek FL Registered Rep
Steven L. Falk & Associates NV Broker Dealer
Steven L. Nartker CA Registered Rep
Striker Petroleum, LLC TX Sponsor/Wholesaler
Sullivan & Worcester, LLP MA Law Firm
Summit Capital Group, Progressive Mortg PA Real Estate Broker
Sunset Financial Service, Inc. CA Registered Rep
T.R. Winston & Company NJ Broker Dealer
Tax Reduction and Investment Strategies CA Registered Rep
Tenants in Common Realty CO Registered Rep
Terra Capital Properties NY Registered Rep
The 1031 Investment Source CA Registered Rep
The 1031 TIC Solution CA Registered Rep
The Dewey Group CA Real Estate Broker
The Geneva Organization MN Sponsor/Wholesaler
The Main Street Group VA Registered Rep
The Marlin Group CA Real Estate Broker
The Pohoriles Company CA Real Estate Broker
The Sherer Group CA Registered Rep
Thompson & Knight LLP TX Law Firm
TIC Advisors MN Real Estate Services
TIC Investments, Inc. FL Registered Rep
TIC Properties, LLC SC Sponsor/Wholesaler
TIC Specialists, Inc. CA Registered Rep
Tim Couch PC CPA GA Registered Rep
Tim McCrary CA Real Estate Broker
Time Value Property Exchange MA Qualified Intermediary
TM 1031 Exchange CA Registered Rep
TransUnion Exchange Corp. CA Qualified Intermediary
Transwestern Commercial Services CO Real Estate Broker
Trinity Partners NE Real Estate Broker
Triple Net Properties, LLC CA Sponsor/Wholesaler
Triplenet Investment Exchange Inc. CA Registered Rep
Triton 1031 CA Registered Rep
Triumph Mortgage, Inc. CA Real Estate Broker
Troast Realty Services, Inc. NJ Real Estate Broker
Trowbridge and Associates CA Real Estate Broker
Tryon Equities OR Registered Rep
Tryon Equities NM Registered Rep
TSG Real Estate, LLC IL Sponsor/Wholesaler
Turner Financial Group CA Registered Rep
Tweed Financial Services CA Registered Rep
U. S. Advisors, LLC CA Sponsor/Wholesaler
U.S. Energy Development Corporation NY Registered Rep
Union Bank of California CA Financial Services
United Capital, LLC MO Lender
United Securities Alliance, Inc. CA Broker Dealer
Uniwest 1031, Inc. VA Real Estate Broker
Upland Real Estate Group, Inc. MN Real Estate Services
VSR Financial Services, Inc. KS Broker Dealer
Wachovia Securities, Inc. NC Lender/R.E. Services
Wangard Advisors, LLC WI Sponsor/Wholesaler
Wealth Exchange Solutions MA Registered Rep
Wealth Management Group, LLC CA Registered Rep
Welton Street Investments LLC CO Broker Dealer
West Advisors, LLC MT Registered Rep
West Valley Properties CA Real Estate Broker
Western America Equities LLC WA Sponsor/Wholesaler
Western Equities OR Registered Rep
Western Reserve Partners L.L.C. OH Registered Rep
White Pacific Securities CA Broker Dealer
Wildwood Wealth Management MN Registered Rep
William B. Moore IL Real Estate Broker
William R. Reinhardt CA Real Estate Broker
Willis S. Cole III WA Registered Rep
Wilshire Holdings LLC CA Real Estate Services
WMS Financial Planners, Inc. WA Registered Rep
Wolf Capital LLC IL Broker Dealer
Woods & Loeb CA Registered Rep
Worldwide Wealth Management NY Registered Rep
WWW.1031Replace.com FL Registered Rep
Yegen Financial Group Ltd. MD Registered Rep
ZenhanceFinancial.Com CA Registered Rep
Zink Realty Advisors OR Real Estate Broker